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Economic Stimulus Checks

An economic stimulus plan has recently been signed into legislation in order to help the millions of Americans negatively impacted by the COVID-19 pandemic.  The plan includes direct payments to individuals, expanded unemployment benefits, and more. Here are  some of the most commonly asked questions pertaining to stimulus checks.

How much will my check be for?

Individual taxpayers will receive $1,200 each if their Adjusted Gross Income (AGI) is less than $75,000. 

Married couples will receive $2,409 each if their Adjusted Gross Income is less than $150,000.

For individuals with an Adjusted Gross Income in excess of $75,00 or married couples with an Adjusted Gross Income in excess of $150,000, they will receive lesser amounts – a $5 reduction for every $100 in income above the threshold. 

There is an additional $500 payment for each dependent child under the age of 17.

Do I need to apply for this payment?

No.   The Internal Revenue Service will automatically base its payment on your tax return information. 

Do I need to file my 2019 tax returns in order to be eligible? 

No.  If your tax returns are not yet filed, the IRS will base your payments on your 2018 tax returns. If you have not yet filed your taxes for 2018, be certain to do so immediately. 

Is everyone eligible for these funds?

Everyone is eligible with the exception of non resident aliens, individuals with income in excess of $99,000, or married couples earning more than $198,000.

People receiving Social Security will also receive stimulus checks.

When will I receive my funds?

Most people should get their payments within 3 weeks, assuming that the IRS has bank information on file in order to process an electronic fund transfer.

If the IRS does not have bank account information on file, it could take up to 4 months to receive your check.

Do  I have to pay the money back? Will it be taxed?

No. The stimulus checks are being treated like an advance tax credit. The money you receive is not taxable and will not be deducted from next year’s tax refund.

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Posted in Munley News.

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